ridethepig | NZD Long-Term Macro Map 📍 NZDUSD Long Term Macro Map
An ingenious saving move from buyers, which is extraordinarily difficult to defend. The slingshot, you should also note is an advance momentum play. These come around only once or twice in a cycle, in cramped positions you cannot afford to give opponents free tickets and allow them to make an easy ride. The shakeout was flawless, now buyers are in a much better position from the lows as anticipated:
On the NZD macro side, it's the same story everywhere with consumer confidence in the red and credit card spending low. RBNZ bazooka doubled their purchasing program to 60bn NZD last month, while rates are starting to find a floor and look cooked here till 2021. Arden is a breath of fresh air, the handling of the crisis was superb - as New Zealand begin unwind the social distancing we can see the Kiwi find strong demand as her leadership has not gone unnoticed!
Updates comes to the AUDNZD chart tomorrow, those who wish to make their fortunes in the crosses will have to wait till later in the week. The limits of 10 charts a day on @tradingview are proving restrictive in getting the entire board updated. In any case, the supple, flexible and sometimes sincere NZD targets for 2020 remain at 0.675x and 0.755x for 2021 respectively.
